CapitaLand intends to develop a prime site in Wuchang in league with the district government. Wuchang is an area within the sprawling city of Wuhan in Hubei province. CapitaLand said yesterday that the potential scale of the integrated development is expected to surpass all its existing properties in central China. A memorandum of understanding was signed yesterday with more negotiations to come.
The news comes two weeks after CapitaLand divested 20 China malls, mostly in tier-two and -three cities, to a consortium led by China Vanke, to focus on its core city clusters, of which Wuhan is one. CapitaLand president and group chief executive Lim Ming Yan said: “In China, we are focused on deepening our presence in core city clusters where we can leverage our existing operations to grow faster. “As the major transport and commercial hub in central China with strong economic fundamentals, Wuhan is a high-growth city that is set to benefit further from China’s Belt and Road Initiative.”
Last year, CapitaLand opened six integrated developments in China: Raffles City Changning in Shanghai, Raffles City Shenzhen, Raffles City Hangzhou, Capital Square in Shanghai, Suzhou Center, and CapitaMall Westgate in Wuhan.